"Bringing these assets into Excel High Income Fund will provide unitholders with access to Amundi S.A., one of the largest asset managers in the world, along with greater diversification and economies of scale," said Bhim D. Asdhir, President and Chief Executive Officer of Excel Funds.

These proposed mergers are subject to unitholder approval, at a special meeting scheduled on or about August 24, 2015. In advance of the meeting, full details of the proposed merger will be set out in a notice of meeting and a management information circular that will be sent to unitholders of record on or about July 15, 2015. The notice of meeting and management information circular will also available on SEDAR at www.sedar.com.

The Independent Review Committee of each of the Terminating Funds and Excel High Income Fund has reviewed the potential conflict of interest matters related to the proposed merger and has provided Excel Funds, the manager of the funds, with a positive recommendation for the merger after determining that the merger, if implemented, achieves a fair and reasonable result for the funds.

If the mergers are approved by unitholders, Excel Funds will apply to de-list the units of both Terminating Funds from the Toronto Stock Exchange prior to the proposed merger date on or about August 25, 2015.

About Excel Funds Management Inc.

Excel Funds Management Inc. is a multiple Lipper Award winner specializing in emerging markets. Founded in 1998 with the launch of the Excel India Fund, the largest and longest running India-focused fund in Canada, Excel Funds Management Inc. has been a Canadian leader in emerging market-focused mutual funds by offering a wide range of innovative mutual funds that capture new growth opportunities.